In a nutshell:

For expenditure incurred from 1 April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying plant and machinery investments.
• Under the super-deduction, for every pound a company invests, their taxes are cut by up to
25p.

• This change makes the UK’s capital allowance regime more internationally competitive, lifting the net present value of our plant and machinery allowances from 30th in the OECD to 1st.
The new Capital Allowances offer
As a result of measures announced at this Budget, businesses will now benefit from four
significant capital allowance measures:

• The super-deduction – which offers 130% first-year relief on qualifying main rate plant and machinery investments until 31 March 2023 for companies.

So, if a company invests £1 million in qualifying plant and machinery, it will receive an allowance against profits of £1,300,000!!!!!!!!!!!!!!!!!!